Property bargain hunters with cash for a quick sale might want to check out the new low price being set for two pieces of land just south of Hogan’s Corner along State Route 109.
Tim Reinertsen, senior vice president of Realty Marketing/Northwest, said one of the properties to be sold at auction is zoned commercial, while the other is zoned general development (G5) by Grays Harbor County.
The company represents a federal court receiver, Peter McKittrick, who has ordered the properties be sold at auction. The properties were connected with Michael Rich, who was involved in a securities fraud scheme nearly 10 years ago that included what was to be a $12.5 million, 540-acre development at Hogan’s Corner.
“The case is being closed at the end of 2014 and the receiver has instructed us to find buyers for the property,” Reinertsen said.
According to the bid packages, one property is comprised of 140 acres along the highway with more than 4,000 feet of highway frontage is zoned general development. It borders the now unused airstrip, with a previous asking price of $495,000. The minimum bid now is $225,000, or about $1,600 an acre, Reinertsen said.
“The tract was logged-over 10 years ago, and has not been replanted. The Grays Harbor zoning designation allows for minimum lot sizes of five acres, or for the potential for development of up to 28 residential parcels, an RV Park, or additional commercial uses. Power is available to the property. Water is available within 1/4-mile. Private, on-site septic systems will be required,” the bid package said.
The other property is a 15-acre site is commercially zoned (General Commercial, C2) and has frontage along the highway. The last asking price was $299,000. There’s no minimum bid listed for the property.
“A portion of the property was previously used as a gravel pit. The Quinault Beach Resort & Casino is less than one mile from the property. Power and water are available to the property. A private septic system will be required,” the bid package states.
Both properties will be sold at oral auction on Nov. 15. For more information, call the Auction Information Office at 1-800-845-3524, online at http://www.rmnw-auctions.com.
The company is offering the properties in affiliation with Jim Donahoe of Ocean Shores Windermere Real Estate.
Donahoe noted the two pieces of property were once part of an ill-fated planned Olympic Resort, which was to build a golf course/commercial and residential development there. Also still for sale are other tracts, including 200 acres with the airstrip owned by Pat Hogan, and another 18 acres to the west.
The price of the two properties offered by Realty Marketing/Northwest are quite a bargain compared what they were originally worth, according to Donahoe.
“Any time you get to an auction like this, it’s a really good deal,” he said. “I can see an RV park or Westport Winery-type of business.”
With the county getting closer to approving a sewer system for the area, Donahoe speculated the future of development at Hogan’s Corner might be ready to take off again.
“I’m convinced that will make a huge difference for Oyehut, Ocean City and Copalis,” he said of the potential for the property with a sewage system.
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